Thursday, 14 January 2016

Global Respiratory Syncytial Virus (RSV) diagnostics market is expected to reach USD 1.2 billion by 2022, according to a new study by Grand View Research Inc. Increasing neonatal population suffering from respiratory conditions including RSV infections and supportive initiatives for diagnosis of newborns by the healthcare providers are expected to be vital impact rendering drivers for RSV diagnostics market.

According to the statistics provided by the WHO, hospitalization of over 150,000 children (below the age of five) and about 14,000 deaths in geriatric patients occurred in the U.S. in 2014 due to RSV infections. This is anticipated to trigger demand for testing of these conditions over the forecast period.North America RSV diagnostics market share, by product, 2012-2022 (USD Million)

Furthermore, the global birth rate as of 2014 is 18.7 births per 1,000 individuals, which is predicted to increase the infant population substantially over the next seven years. According to the statistics, it is estimated that about 134.2 million births took place in 2014, which are prone to RSV infections and require diagnosis, thus forming a large market base.

In 2010, Save Babies Through Screening Foundation (SBTS) entered in a partnership with World Solutions Against Infectious Disease (WSAID) as an attempt to promote higher screening of newborns for infectious diseases, metabolic disorders, and hearing disabilities.

Chromatographic immunoassay technology based products are expected to witness the fastest growth at a CAGR above 10.0% over the next seven years owing to their higher specificity than molecular diagnostic products. The commercially available test kits include Binax Now RSV, QuickLab RSV Test, Remel Xpect, and RSV Respi-Strip.

Hospitals are predicted to dominate the RSV diagnostics market followed by home care. Together, they are expected to contribute over 50.0% of the market share in 2022. Increasing demand for home care diagnostic devices by patients is anticipated to drive growth of the segment over the next seven years.

North America is anticipated to dominate the market and contribute a revenue share of over 40.0% by 2022. Rising awareness among the population base and favorable initiatives by the government agencies such as the WHO, PAHO, and WSAID to initiate and implement newborn screening are expected to drive growth.